Unocoin co-founder also arrested
https://ethereumworldnews.com/bitcoin-atm-saga-indian-police-arrest-second-unocoin-co-founder/
This isnt looking good for Indian BTC scene
Topic: Unocoin Founder Arrest incident (Read 174 times)
As a crypto expert, I always hoped that India would be at par with the other nations in the context of having its cryptocurrency ATM sooner or later.
When Unocoin launched the nation’s first Bitcoin ATM at Kempfort Mall, Bengaluru and made an announcement about its plans to launch similar kiosks in Delhi and Mumbai, I was enthralled.
However, the recent news has come as a shock to the entire crypto community of India. If you are not aware, let me inform you that India’s only Bitcoin ATM has been seized by the Cyber Crime Branch of Bengaluru Police and the co-founder of Unocoin, Harish BN has been arrested.
If you are wondering why, the Police have reported that the company installed the ATM without the State Government’s permission.
As you know, it was a courageous decision in itself to install Bitcoin ATM after the RBI’s ban on crypto trading. If the current scenario is taken into account, crypto market in India looks quite grave and the possibilities of having a Bitcoin ATM again is a challenging affair.
When Unocoin launched the nation’s first Bitcoin ATM at Kempfort Mall, Bengaluru and made an announcement about its plans to launch similar kiosks in Delhi and Mumbai, I was enthralled.
However, the recent news has come as a shock to the entire crypto community of India. If you are not aware, let me inform you that India’s only Bitcoin ATM has been seized by the Cyber Crime Branch of Bengaluru Police and the co-founder of Unocoin, Harish BN has been arrested.
If you are wondering why, the Police have reported that the company installed the ATM without the State Government’s permission.
As you know, it was a courageous decision in itself to install Bitcoin ATM after the RBI’s ban on crypto trading. If the current scenario is taken into account, crypto market in India looks quite grave and the possibilities of having a Bitcoin ATM again is a challenging affair.
Yes the unocoin Co founder has been arrested in Bangalore due to install the bitcoin ATM with any regulations so the police has been arrested the co founder of unocoin but I know the all issues will be resolved soon and the bitcoin ATM will come with more in coming days.
As far as the Unocoin arrest incident is concerned:
- I've been using Unocoin a lot in 2016 and 17. It was quite useful and I was also introduced to bitcoin's lightning network by the Unocoin CEO Sunny. Helpful guy.
- I do not know the logic behind some crypto guys in India stating that the arrest did not deserve the arrest.. but from what I have figured out is that it was a crypto ATM trying to use P2P maybe instead of banking services.
- However, there might be more legal formalities to complete before one can install an ATM-like that which Unocoin might have failed to do and hence the arrest.
- Because the thing is... ATM's are a GREAT GREAT way to spread brand awareness. Just set it up in a famous mall and you're done. Who doesn't like mall shopping tell me? almost all religious and irreligious people love mall shopping. As soon as they see that ATM.. OMGosh what is this? let me research more.. and then the brand sticks onto their mind and the possibility of so many customers and sales. This is why I am seeing crypto companies want to have their own ATM's. Highly effective marketing tool.
- These are the VERY reasons that the arrest took place so fast. The Indian government or RBI maybe will not want crypto to become common knowledge among its folks, which is one of the things that the Unocoin ATM was trying to achieve. If it does become common knowledge among many people in India, then RBI will eventually lose out on its business as more and more people will begin dealing in crypto.
The humble souls of the Indian crypto community will not like to reveal things the way I do and choose to remain diplomatic.. but I guess this pretty much sums up the whole incident.
- I've been using Unocoin a lot in 2016 and 17. It was quite useful and I was also introduced to bitcoin's lightning network by the Unocoin CEO Sunny. Helpful guy.
- I do not know the logic behind some crypto guys in India stating that the arrest did not deserve the arrest.. but from what I have figured out is that it was a crypto ATM trying to use P2P maybe instead of banking services.
- However, there might be more legal formalities to complete before one can install an ATM-like that which Unocoin might have failed to do and hence the arrest.
- Because the thing is... ATM's are a GREAT GREAT way to spread brand awareness. Just set it up in a famous mall and you're done. Who doesn't like mall shopping tell me? almost all religious and irreligious people love mall shopping. As soon as they see that ATM.. OMGosh what is this? let me research more.. and then the brand sticks onto their mind and the possibility of so many customers and sales. This is why I am seeing crypto companies want to have their own ATM's. Highly effective marketing tool.
- These are the VERY reasons that the arrest took place so fast. The Indian government or RBI maybe will not want crypto to become common knowledge among its folks, which is one of the things that the Unocoin ATM was trying to achieve. If it does become common knowledge among many people in India, then RBI will eventually lose out on its business as more and more people will begin dealing in crypto.
The humble souls of the Indian crypto community will not like to reveal things the way I do and choose to remain diplomatic.. but I guess this pretty much sums up the whole incident.
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